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India has been ranked low among countries across the world in terms of an influencer in the global system while legacy power players such as the United States (US), the United Kingdom (UK), and Japan continue to dominate, says a report.
Credit Suisse research Institute on Friday published its report 'Getting over Globalisation', which outlines how the global economy is moving into a more multi-polar form.
India was given a lowly two on a scale of five as an influencer based on five broad criteria — economic size, hard power, soft and diplomatic power, and governance quality, and distinctiveness.
While legacy power players such as the US, the UK, and Japan continue to dominate, scoring higher on most indicators, the performance of the small developed countries’ group is noteworthy, plausibly offering competition to larger powers.
On a score of one-five, the US and small developed economies (Luxembourg, Hong Kong, Singapore, Switzerland, Belgium, Ireland, Denmark, Iceland) got five while the UK, euro area (Germany, France, Italy, and Spain) and Japan secured four.
"Larger growing emerging markets (Russia, India, Brazil, Chile, and South Africa) are identified as poles that are significant, but yet to realise their full potential," the report said.
China led the emerging nation pack with a score of three, while India, Brazil, and Russia got two each. South Africa received the lowest —one.
"Globalisation has been the most powerful economic force throughout the past decades. In 2016, we observed changes to globalisation as we have come to know it. Especially from the point of view of international businesses, the changing pace of global trade and political regionalisation will be challenging," Urs Rohner, chairman of Credit Suisse, said.
The report further noted that if 2016 is the year that broke globalisation, then 2017 will see the makings of a more multi-polar world.